August 2022, Market Research Future has published a Report on the Global Blockchain Technology in Healthcare Market.
Blockchain technology is decentralized platform system which allows real time transaction entry. It works as a digital ledger and allows users to track all the activities carried out in network. Factors that are propelling the growth of the global blockchain technology in healthcare market are rising cases of data breach and concerns related to data security, increasing demand for easy to use and inexpensive data management tools, Increasing investment in healthcare and surge in adoption of blockchain technology. Moreover, increasing adoption of blockchain technology in healthcare sector is likely to provide favorable conditions for the growth of the market. For instance, in June 2018,In UK leading blockchain company, The Guardtime has launched health record platform which works on blockchain technology.
The lack of significant entity and universal standards for blockchain transactions, and lack of awareness about are likely to hinder market growth during the forecast period.
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The American market is expected to dominate the global blockchain technology in healthcare market during the forecast period due to the high adoption rate of advance technology, availability of large patient pool, presence of well-established healthcare management systems, rising healthcare expenditure, and insurance holders. According to the Committee for a Responsible Federal Budget, in year 2017, United states spent more than USD 3.5 trillion on healthcare expenditure, which is around 18% of the total GDP of nation.
The European market is expected to be the second-largest due to increasing number of clinical trials with increasing research and development expenditure in pharmaceutical industry, increasing awareness about blockchain technology in the region, and rising healthcare expenditure.
Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing generic pharmaceutical industry in the region, continuously increasing investment in healthcare, and adoption of technology in healthcare.
The market in the Middle East & Africa is likely to account for the smallest share of the global blockchain technology in healthcare market.
The Global Blockchain Technology in Healthcare Market has been segmented on the basis of application, type, and end-user.
The application segment has been segregated on the basis of supply chain management, patient data management, drug traceability, clinical trials & data security, claims adjudication, billing, and others.
On the basis of type, the market has been classified as permissioned blockchains, permission less blockchains.
The market, by end user, has been segmented into pharmaceutical companies, healthcare service providers, healthcare consumers, and others
Some of the key players in the global blockchain technology in healthcare market are IBM, Microsoft, Guardtime, Pokitdok , Gem, Patientory, Hashed Health, Chronicled, Isolve, Factom, Blockpharma, Medicalchain, Simplyvital Health,Farmatrust, and others